Determinants of Financial Behaviour: Does Digital Financial Literacy (DFL) Foster or Deter Sound Financial Behaviour?

Norli Ali, Nurhazrina Mat Rahim, Mohd Fairuz Adnan, Heri Yanto, Kiswanto Kiswanto


The rise in bankruptcy cases among Malaysia’s younger population shows that youngsters have weak money management skills or financial behaviour (FB). Digital financial goods and services (DFS) have increased in popularity because of social isolation due to COVID-19 disease. Therefore, digital financial literacy (DFL) - financial literacy (FL) from the digital standpoint has spurred. Based on the theory of planned behaviour, DFL is expected to influence oneself in executing good FB. This study examines the role of DFL in influencing students’ FB, incorporating other vital factors, such as FL, financial attitude (FAT), peer influence (PEI), parental influence (PRI), and social media influence (SMI). SmartPLS was used to analyse data from a survey of 183 Malaysian university students using partial least squares (PLS) modelling. The measurement model signified that the instrument utilised was valid and reliable. The result indicated that FL, FAT, PRI, and SMI displayed a significantly positive impact on FB. Meanwhile, DFL negatively affects FB, which surprisingly contradicts the expectation that it could foster sound FB. This study concludes that DFL deters sound FB. In light of DFS's recent ascent in popularity, these results add to the expanding body of knowledge on DFL.

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Copyright (c) 2024 Norli Ali, Nurhazrina Mat Rahim, Mohd Fairuz Adnan, Heri Yanto, Kiswanto Kiswanto

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Accounting and Finance Research
ISSN 1927-5986 (Print)   ISSN 1927-5994 (Online) Email:

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